Bitcoin Depot bankruptcy puts 9,000 crypto ATMs offline as fraud expenses hit
Bitcoin Depot Inc. has filed for bankruptcy protection and turned off its bitcoin ATM network. The company, once a big name in North American cash-to-crypto, now heads for a court-supervised wind-down and asset sale. Bitcoin Depot warned of “substantial doubt” about staying in business after reporting steep drops in key metrics. In a May 12 filing, the company said first-quarter revenue plunged $80.7 million, or 49.2%, from a year ago. Gross profit dropped 85.5% to $4.5 million. Net swung to a $9.5 million loss after posting $12.2 million of income last year.